Cronos, the native token of Crypto.com and the Cronos EVM network, saw a notable rise to a 30-month high of $0.23 thanks to rising whale activity.
Cronos (CRO) has seen a 186% gain over the past seven days. Over the past 24 hours, the asset has gained 45% and is trading at $0.205 at the time of writing. CRO’s market capitalization currently hovers at $5.46 billion, making it the 24th largest digital asset.
Kronos reaches this level for the first time since May 2022.
Moreover, daily trading volume soared 340% to $1.21 billion as whale activity picked up steam.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of CRO tokens increased from 19 to 126 over the past 24 hours.
Increased whale activity usually indicates strong bullish sentiment among investors, causing high price volatility.
However, according to Santiment, the CRO Relative Strength Index has risen to 90. The indicator suggests that the asset is currently heavily overbought. This could hint at a potential recovery time for Kronos before further growth begins.
The mood remains positive
Data from Santiment shows that weighted sentiment towards Cronos is still very high, with the asset still down 78% from its all-time high of $0.969 in November 2021.
The overall funding rate aggregated by CROs fell from 0.13% to 0.001% over the past two days, indicating reduced activity in the derivatives market.
Initiating the liquidation of short positions could potentially cause the price of CRO to rise under normal market conditions.
Additionally, according to the market intelligence platform, Cronos witnessed a net outflow of exchange tokens of 63 million tokens in the last 24 hours, indicating an increase in accumulation.
Another important catalyst for the rise in CRO prices was Cronos’ partnership with Google Cloud, which became the main validator of the platform.
